Between yesterday’s US index gains of 0.5%-1.0% and tomorrow’s Juneteenth US holiday, US index futures are consolidating this morning, trading flat to up 0.2%. Overseas markets have also been on the rise with Milan, Sydney and Tokyo posting gains of over 1.0% with London and Paris up 0.4% and Frankfurt up 0.2%.

US retail sales (0.1% vs street 0.2%, previous revised down to -0.2% from 0.0%) and retail sales excluding autos (-0.1% vs street +0.2%) were disappointing, adding to the evidence of a slowing US economy. US industrial production is due at 9:15 am EDT.

The divide between central banks on whether or not to start cutting interest rates continues to grow. Overnight, the Reserve Bank of Australia held its benchmark rate at 4.35%, staying with the Fed in the higher for longer camp, and electing not to join the Bank of Canada and European Central Bank in cutting rates. The US 10-year treasury note yield is holding near 4.30% ahead of five Fed speakers today.

Currency and commodity action is more mixed. Cryptocurrencies are getting hammered today with Ether down 4.2% and Bitcoin down 2.3%. In metals action, Copper is down 1.25%, but Gold is flat. Energy trading finds US Crude Oil steady must above $80.00/bbl, while Natural Gas is up 2.3%.